Top regulator will head FATF

By Na Jeong-ju

Shin Je-yoon FSC Chairman

Financial Services Commission (FSC) Chairman Shin Je-yoon will serve as the head of the Financial Action Task Force (FATF), an international anti-money laundering body, for one year from July 2015, the FSC said Wednesday.

The FATF, established in 1989 to combat terrorist financing and the spread of weapons of mass-destruction, chose Korea as the presiding nation for the one-year period. Shin will lead the organization as Korea’s incumbent top financial policymaker regardless of whether he will remain in the position until July 2015, the FSC said.

Shin has also been chosen as a member of the Monitoring Board of the International Financial Reporting Standards, which designates global accounting guidelines. The seven-member board is the top decision-making body of the organization, the FSC said.